Polkadot investors can now participate in governance using Bitcoin Suisse’s cold storage solution

by James · October 5, 2022

Bitcoin Suisse, the Swiss cryptocurrency service provider known for its secure, cold-storage-based escrow crypto products, has announced that it now supports on-chain governance voting for all DOT, KSM and CFG token holders.

The company said Bitcoin Suisse Vault users can now easily create a proxy account on any device via the Vault interface, allowing them to participate in governance while ensuring their digital assets remain secure. That means they will be able to vote on upgrades to the network and other proposals without taking any chances.

Bitcoin Suisse Vault is billed as an institutional-grade crypto depository service designed to provide the utmost security for clients. Users’ tokens are kept in cold storage at all times, but they are readily available for trading and other purposes. The service supports 19 different blockchain protocols and more than 80 individual cryptoassets, including Bitcoin, Ethereum, Tezos and others.

Naturally, the offering also supports Polkadot’s DOT tokens, as well as Kusama’s KSM and the tokens of every Polkadot parachain project, including Centrifuge’s CFG token.

Polkadot is widely regarded as one of the hottest upcoming blockchain projects out there. It is focused on creating an interoperable ecosystem of blockchains – called parachins – that are uniquely tailored to support different applications and use cases. Thanks to the new, delegated proof-of-stake consensus mechanism, it enables lightning-fast transaction speeds and lower costs.

Like most decentralized networks, Polkadot places great emphasis on the idea of democracy with its community governance mechanism. In this way, DOT token holders can vote on proposals such as upgrades to the network, with the weight of their votes based on the number of tokens they hold.

Likewise, KSM holders can vote on decisions related to Kusama, while those holding tokens such as CFG can participate in parachain governance.

However, this process has often excluded institutional investors who store tokens offline for security reasons. Tokens locked in cold storage have always been unable to participate in the governance process – until now.

“On-chain governance is a key component of Polkadot, ensuring that all decision-making in the network continues to be as decentralized as possible, including decisions on fork-free upgrades and financial management proposals,” explained Kasper Jorgensen, CFO of the Web3 Foundation, the organization. behind Polkadot.

“We are pleased that Bitcoin Suisse clients can now easily participate in the Polkadot governance process through the Bitcoin Suisse Vault. Enabling easy access to participate in chain governance while keeping tokens in an institutional custodial service is a huge step forward for adoption and participation on Polkadot.”

To participate in governance votes, Bitcoin Suisse Vault clients can simply access their account and create a proxy account on any device. From there, they have an easy way to place their votes on existing proposals. They can even make proposals themselves, while their assets remain secured in Bitcoin Suisse’s audited cold storage service.

“Bitcoin Suisse Vault was already the first solution to offer DOT custody and staking services in June 2020, so this new feature is a clear continuation of our tradition of being at the forefront of technical innovation,” said Bitcoin Suisse Custody Manager Markus Perdrizat.